Electricity battery storage manufacturer Powervault has secured an investment of £3.8 million from climate change investors including Green Angel Syndicate and its Climate Change Fund.
The investment has triggered the conversion of £3.1 million in loan notes raised in 2020 under the British Business Bank’s Future Fund structure.
Funding will be used to scale up the manufacturing of smart battery storage and support green growth and jobs in Britain. Powervault, founded in 2012, produces all its products from its headquarters in London.
The company aims to support the UK’s sustainable energy future by making battery storage part of our everyday lives, with intelligent behind-the-meter battery storage playing a vital role in the modern grid.
Mark Ansell, investor and Chair of Powervault, said: “The investment that we have just raised leaves us well-placed to capitalise on the growth of the battery-based electricity storage market in the coming years.
“The UK is now the third most attractive clean investment market, following the Government’s target for 100% low-carbon electricity generation by 2035. To achieve this target, battery storage is expected to play a key role.
“The time is now to act and invest in solutions to support renewable energy, including electricity battery storage.”
According to Powervault experts, battery storage allows homeowners and businesses to take control of their electricity usage and reduce their electricity costs and CO2 emissions. Operating battery storage alongside solar panels or wind turbines enables energy consumption to remain off-grid for longer, even when the sun isn’t shining or on still days.
This is revolutionary, especially for SMEs with high power consumption or homes with EV charging. Those utilising solar panels without battery storage are missing out on the full environmental and cost benefits of renewable energy.
Powervault’s products store unused renewable energy generated on-site when available and discharge it when needed. They can also charge from the grid, intelligently storing cheaper off-peak electricity to use during peak hours thanks to Powervault smartSTOR software.
The smart software combines a market-leading user interface with artificial intelligence (AI) technology that “learns customer usage behaviour” to automatically optimise the device daily based on tariffs, electricity usage, and weather forecasts to ensure the most efficient use of energy.
2020 was the UK’s highest year on record for renewable generation, and the UK has continued to break records for renewables. Coupled with rising energy costs, investment in renewable energy will continue to increase, and battery storage will play a crucial role in the net-zero puzzle.